{"id":387386,"date":"2020-11-24T06:48:25","date_gmt":"2020-11-24T11:48:25","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=387386"},"modified":"2020-11-24T06:48:25","modified_gmt":"2020-11-24T11:48:25","slug":"medtronic-reports-second-quarter-fiscal-2021-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/medtronic-reports-second-quarter-fiscal-2021-financial-results\/","title":{"rendered":"Medtronic Reports Second Quarter Fiscal 2021 Financial Results"},"content":{"rendered":"
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PR Newswire<\/p>\n<\/p><\/div>\n

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– Q2 Revenue of $7.6 Billion<\/span> Decreased 0.8% Reported and 1.5% Organic<\/i><\/p>\n

– Q2 GAAP Diluted EPS of $0.36<\/span>; Q2 Non-GAAP Diluted EPS of $1.02<\/span><\/i><\/p>\n

\n DUBLIN<\/span>, Nov. 24, 2020<\/span> \/PRNewswire\/ —\u00a0Medtronic plc (NYSE:MDT) today announced financial results for its second quarter of fiscal year 2021, which ended October 30, 2020<\/span>.<\/p>\n

The company reported second quarter worldwide revenue of $7.647 billion<\/span>, a decrease of 0.8 percent as reported and 1.5 percent on an organic basis, which adjusts for the $59 million<\/span> benefit of foreign currency translation. Unless otherwise stated, all revenue growth rates in this press release are stated on an organic basis, which adjusts for the impact of foreign currency translation. There were no acquisitions made in the last year that had a significant impact on the company’s second quarter revenue growth.<\/p>\n

As reported, second quarter GAAP net income and diluted earnings per share (EPS) were $489 million<\/span> and $0.36<\/span>, respectively. As detailed in the financial schedules included through the link at the end of this release, second quarter non-GAAP net income and non-GAAP diluted EPS were $1.380 billion<\/span> and $1.02<\/span>, respectively, both decreases of 22 percent. Adjusting for the negative 4 cent<\/span> impact from foreign currency, second quarter non-GAAP diluted EPS decreased 19 percent.<\/p>\n

Second quarter U.S. revenue of $4.054 billion<\/span> represented 53 percent of company revenue and decreased 2 percent as reported and organic. Non-U.S. developed market revenue of $2.446 billion<\/span> represented 32 percent of company revenue and increased 6 percent as reported and 1 percent organic. Emerging Markets revenue of $1.147 billion<\/span> represented 15 percent of company revenue and decreased 9 percent as reported and 6 percent organic.<\/p>\n

“We’re seeing a faster-than-expected recovery and approaching year-over-year growth. Our revenue growth is improving, our pipeline is advancing, and we’re gaining share in an increasing number of businesses. At the same time, we’re in the process of implementing our new operating model and augmenting our culture with a focus on market share and being bold,” said Geoff Martha<\/span>, Medtronic chief executive officer. “Despite the challenges posed by the pandemic, we’re well positioned to accelerate growth over the medium- and long-term as we continue investing in and progressing a number of opportunities, creating value for society and our shareholders.”<\/p>\n

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\n Cardiac and Vascular Group<\/u>
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The Cardiac and Vascular Group (CVG) includes the Cardiac Rhythm & Heart Failure (CRHF), Coronary & Structural Heart (CSH), and Aortic, Peripheral & Venous (APV) divisions. CVG second quarter revenue of $2.725 billion<\/span> decreased 4.6 percent as reported and 5.5 percent organic. CVG’s revenue reflected a year-over-year decline in procedure volumes as a result of the COVID-19 pandemic; however, revenue did improve sequentially as procedures volumes continued to improve. CVG’s organic performance was impacted by low-single digit declines in CRHF, mid-teens decline in CSH, and low-single digit declines in APV.<\/p>\n